1. Field of the Invention
The invention relates to a method, system and electronic device for executing a payment, more particularly to a method, system and electronic device for executing a payment with enhanced security.
2. Description of the Related Art
Nowadays, a number of ways are available to execute a payment for a typical transaction. For example, the payment can be done using physical money, such as coins and/or banknotes, or can be done using plastic money (in the form of a physical card, e.g., a credit card, a debit card, etc.). In addition to conventional face-to-face transactions, such payments can be also processed online.
It is known, however, that the current ways of executing the payment may have respective drawbacks. Physical money can be inconvenient to carry for a consumer, and for a party providing products and/or services in exchange for money, there is always a risk of loss attributed to receipt of counterfeit money. Plastic money is only usable in a limited environment that supports usage of plastic money (e.g., that accepts credit cards and that is equipped with a card reader), and may have various security problems, such as credit card fraud. Online transaction also involves plastic money, and further involves online transmission of highly important information such as a card number, an expiration date and a card security code (CRC). Such information may be intercepted by a malicious third party during transmission, thereby exposing a holder of the credit card to risk of monetary loss.